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14 Leasing and rental assets and investment property

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CHANGES IN LEASING AND RENTAL ASSETS AND INVESTMENT PROPERTY
BETWEEN JANUARY 1 AND DECEMBER 31, 2011

€ million

 

Leasing and
rental assets

 

Investment
property

 

Total

Cost Balance at Jan. 1, 2011

 

15,863

 

429

 

16,292

Foreign exchange differences

 

283

 

6

 

289

Changes in consolidated Group

 

3,171

 

31

 

3,202

Additions

 

7,674

 

42

 

7,716

Transfers

 

0

 

34

 

34

Disposals

 

5,632

 

17

 

5,649

Balance at Dec. 31, 2011

 

21,359

 

525

 

21,884

Depreciation and impairment Balance at Jan. 1, 2011

 

4,051

 

177

 

4,228

Foreign exchange differences

 

58

 

1

 

58

Changes in consolidated Group

 

8

 

 

8

Additions to cumulative depreciation

 

2,584

 

10

 

2,594

Additions to cumulative impairment losses

 

87

 

1

 

88

Transfers

 

0

 

1

 

1

Disposals

 

2,051

 

4

 

2,055

Reversal of impairment losses

 

5

 

 

5

Balance at Dec. 31, 2011

 

4,733

 

185

 

4,918

Carrying amount at Dec. 31, 2011

 

16,626

 

340

 

16,966

The following payments from noncancelable leases and rental agreements were expected to be received over the coming years:

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€ million

 

2012

 

2013 – 2016

 

from 2017

 

Total

Lease payments

 

2,032

 

2,356

 

40

 

4,427

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CHANGES IN LEASING AND RENTAL ASSETS AND INVESTMENT PROPERTY
BETWEEN JANUARY 1 AND DECEMBER 31, 2012

€ million

 

Leasing and
rental assets

 

Investment
property

 

Total

Cost Balance at Jan. 1, 2012

 

21,359

 

525

 

21,884

Foreign exchange differences

 

–215

 

–5

 

–220

Changes in consolidated Group

 

1,470

 

2

 

1,472

Additions

 

9,816

 

34

 

9,851

Transfers

 

–1

 

89

 

89

Disposals

 

6,976

 

19

 

6,996

Balance at Dec. 31, 2012

 

25,453

 

626

 

26,079

Depreciation and impairment Balance at Jan. 1, 2012

 

4,733

 

185

 

4,918

Foreign exchange differences

 

–69

 

–1

 

–70

Changes in consolidated Group

 

8

 

2

 

10

Additions to cumulative depreciation

 

3,498

 

14

 

3,512

Additions to cumulative impairment losses

 

99

 

0

 

99

Transfers

 

–3

 

6

 

3

Disposals

 

2,845

 

12

 

2,857

Reversal of impairment losses

 

2

 

1

 

3

Balance at Dec. 31, 2012

 

5,419

 

194

 

5,612

Carrying amount at Dec. 31, 2012

 

20,034

 

433

 

20,467

Leasing and rental assets include assets leased out under the terms of operating leases and assets covered by long-term buy-back agreements.

Investment property includes apartments rented out and leased dealerships with a fair value of €758 million (previous year: €642 million). Operating expenses of €50 million (previous year: €53 million) were incurred for the maintenance of investment property in use. Expenses of €1 million (previous year: €2 million) were incurred for unused investment property.

The following payments from noncancelable leases and rental agreements are expected to be received over the coming years:

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€ million

 

2013

 

2014 – 2017

 

from 2018

 

Total

Lease payments

 

2,688

 

2,995

 

39

 

5,723

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